MSP Acquired: Thrive Buys Government Data Protection Firm DSM

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Thrive, the next-gen MSP backed by private equity firm Court Square Capital Partners, has acquired DSM, a Florida-based MSP that supports State, Local, and Education (SLED) government agencies. FOCUS Investment Banking, a national middle market investment banking firm, served as catalyst for the deal with Thrive, and exclusive financial advisor to DSM. Financial terms of the deal were not disclosed.

This is technology M&A deal number 578 that ChannelE2E has covered so far in 2022. See more than 1,000 technology M&A deals involving MSPs, MSSPs & IT service providers listed here.

M&A: MSP Continues Florida Expansion

DSM, founded in 1986, has 63 employees listed on LinkedIn. The company, based in Lakeland, Florida, offers data protection, disaster recovery, and managed cloud services backed by CJIS compliant data centers.

DSM is Thrive’s third MSP acquisition in Florida over the past six months. The other deals involved SouthTech and Preemo.

Thrive has acquired more than a dozen MSPs, IT service providers and consulting firms since 2016. The company now positions itself as a “security-first MSP” that delivers “comprehensive managed services and unmatched expertise to drive secure digital transformation for small to mid-sized enterprises across multiple industries,” Thrive asserts.

MSP M&A: SOC and Government Managed Services Conv

In a prepared statement about the DSM deal, Thrive CEO Rob Stephenson said:

“DSM is a leader in the SLED space with significant traction in the state of Florida. With this partnership, they’ll be able to augment their Cloud-based service offerings via Thrive’s SOC and comprehensive suite of cybersecurity services. DSM’s talented engineers and experienced management team will help to greatly enhance our rapidly growing Florida presence, as well as position the SLED vertical to go national under their leadership.”

Added David Robinson, CEO and founder of DSM:

“For over three decades, DSM’s primary objective for our clients has been to optimize their digital transformation and their journey to the Cloud. We are delighted to be the newest members of the Thrive family as their dedication to providing a personalized IT path towards customer satisfaction complements our commitment to total IT peace of mind for our clients.”

Among the next moves to watch, Thrive indicated:

  • Robinson and Greg Madden, DSM’s COO, will assume senior leadership roles and helm the newly established Thrive SLED group as a special unit focusing on existing government business in FloridaAlabama, and Massachusetts.
  • Moreover, Robinson and Madden will assist in Thrive’s expansion of state and local contracts up and down the East Coast, the buyer said.
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